taxation v3

taxation v3 - Tutorial Question Group members: Samuel Cheng...

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Tutorial Question 25 Group members: Samuel Cheng Priscilla Chow Queenie Yip
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Pooling System IRO - s.39B and s.39D Assets of same rate of annual allowance (A.A.)  are pooled Types of allowances: (1) Initial allowance (I.A.)  60% on qualifying expenditure (2) Annual allowance (A.A.)  10%, 20% or 30% on the reducing value of the pool  each  year
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Depreciation Allowances for the year of assessment 2007/2008 10% 20% 30% Total $ $ $ $ WDV at 1.4.2007 1,550,000 205,000 1,580,000 Additions: Funiture Less:IA Truck Less:IA Motor Car Disposals: Furniture Truck Motor Car
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D.A. computation Transaction (1):  On 1 July 07,  New furniture was acquired at a cost of $150,000 The old furniture was disposed and $9000 was received
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10% 20% 30% Total $ $ $ $ WDV at 1.4.2007 1,550,000 205,000 1,580,000 Additions: Furniture 150,000 Less:IA -90,000 Truck Less:IA Motor Car 265,000 Disposals: Furniture -9,000 Truck Motor Car Depreciation Allowances for the year of assessment 2007/2008
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D.A. computation Transaction (2): On 30 Sep 07,  A new truck was purchased at $100,000 A truck was sold at $45,000
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Depreciation Allowances for the year of assessment 2007/2008 10% 20% 30% Total $ $ $ $ WDV at 1.4.2007 1,550,000 205,000 1,580,000 Additions: Furniture 150,000 Less:IA -90,000 Truck 100,000 Less:IA -60,000 Motor Car 265,000 Disposals: Furniture -9,000 Truck -45,000 Motor Car
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D.A. computation Transaction (3): On 1 Jan 08 , Mr. Wong put his own private car into business use Cost of the private car = $120,000(bought on 15 Oct 05 )
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Transaction (3): Private car(30%): Cost at 2005                                            $120,000 Less: Notional Allowance(05/06)         (36,000)                                                                     84,000 Less: Notional Allowance(06/07)         (25,200) Cost at 2008                                               $58,800 X 30% X 30%
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taxation v3 - Tutorial Question Group members: Samuel Cheng...

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